Eurocoin Indicator Improves In February

2/24/2012 5:22 AM ET

A summary index of the current economic situation in the euro area improved in February, despite remaining in negative territory, data released by Bank of Italy and the Centre for Economic Policy Research showed Friday.

The monthly euro-coin indicator recorded a second consecutive rise, to -0.06 in February from -0.14 in January and -0.20 in December.

The result is due mostly to less pessimistic evaluations of firms and consumers, the report said.

The indicator is an estimate of quarterly GDP growth shorn of the most erratic components. It collates data from a large set of macroeconomic time series that includes industrial production indices, business surveys, demand indicators and stock market indices.

The estimate provides more reliable idea regarding underlying growth trends in the euro area, ahead of the official GDP release from the Eurostat.

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